In another play of its web3 war chest, WonderFi Technologies this week unveiled a strategic partnership between wholly-owned subsidiary Bitbuy Technologies and Localcoin, which is currently Canada’s largest Bitcoin ATM provider.
This collaborative venture, struck between two of Canada’s biggest consumer-facing crypto companies, “marks a major milestone in enhancing cryptocurrency adoption and accessibility across the country,” according to a statement from the Vancouver-based WonderFi.
“We are thrilled to announce this strategic partnership between Bitbuy and Localcoin, two of Canada’s most established consumer brands for digital assets,” stated WonderFi Chief Executive Officer Dean Skurka.
Toronto’s Localcoin selected Bitbuy because of its scale—the platform is nearing 900,000 registered users—as well as its commitment to the Canadian market and strong regulatory positioning, the company said.
The platform offers a network of user-friendly ATMs across Canada through which users can buy and sell Bitcoin, Ethereum, Litecoin, and more.
“Our new partnership with Bitbuy is a game-changer,” believes Tristan Fong, cofounder of Localcoin. “By aligning with such a trusted name in the cryptocurrency space, we’re ensuring our users get the most seamless experience.”
Established in 2017, Localcoin now operates more than 900 of Canada’s 2,700 crypto ATMs, capturing one-third of the market.
With the Localcoin partnership finalized, Bitbuy’s digital asset services will cover nearly 50% of Canada’s Bitcoin ATMs.
“With access to deep liquidity through the Bitbuy marketplace, and Localcoin’s extensive network of user-friendly ATMs, we firmly believe that this partnership exemplifies a commitment to offering seamless and user-friendly solutions for buying and selling digital assets,” Skurka said.
Bitbuy will extend its liquidity pool to the Localcoin ATM network, while API integration is set to enable a seamless connection between the two platforms.
“This collaboration not only enhances our service offerings, but also solidifies our commitment to making cryptocurrency more accessible to Canadians,” added Fong.
The integration of Bitbuy with the Localcoin ATM network will be implemented gradually over the next couple months, Fong said.
“Localcoin represents one of several corporate partners that the Bitbuy Private Wealth and Corporate Solutions desk has successfully partnered with in 2023,” stated Jeff Fitzgerald, Vice President of Sales at Bitbuy. “In August alone, the number of new corporate clients onboarded increased by nearly 30% compared to the previous month, setting the pace for a record-breaking year in terms of new client growth.”
WonderFi’s combined platform claims over 1.6 million registered users and assets under custody valued at $600 million.